US$4M uncovered in money laundering scheme

TDT | Manama

Attorney General Nayef Yousef Mahmoud said that US$4million has been uncovered in the vast money-laundering scheme linked to state-owned Iranian banks. However, he stressed that the investigations are still proceeding in the case and the thousands of remaining transactions, plus even more names involved in the scheme, will be revealed.

The Public Prosecution has been probing the vast scheme to launder billions of dollars through Future Bank, set up and controlled by two Iranian banks: Bank Saderat and Bank Melli. Charges have been levelled against officials from Future Bank and three Iranian banks for multiple offences under Bahrain’s anti-money laundering, terrorist funding and banking laws and regulations.